Romania’s integrated steel mill Liberty Galati, which has incurred deep losses starting in 2022, is to be sold in an international auction on March 12 with a starting price of EUR 690 million, after an inter-government committee has approved the restructuring plan on January 28. The court has cleared the restructuring plan and rejected a request to terminate the pre-insolvency preventive composition procedure, effectively rejecting the insolvency scenario. Liberty Galati, built during the communist regime and formerly known as Sidex Galati, as well as the long products spin-off Liberty Tubular Products Galați, are for sale. They owe EUR 662 million worth of debts to creditors, with EUR 450 million owed to the state – to the state budget and Exim Banca Romaneasca. The latter recently signed an agreement to take over the assets of another steel company – ArcelorMittal Hunedoara, a plant that permanently stopped production last fall.